Invensys pay policy attacked

ENGINEER Invensys has been accused of lavish director pay after racking up £1.4bn losses and selling its software offshoot Baan for a knockdown price.

Governance lobbyist PIRC slammed its pay policy as 'excessive' and called on shareholders to throw it out at the annual general meeting on 23 July. Pirc singled out new finance director Adrian Hennah, who gets a £500,000 bonus for staying for three years.

Invensys said the National Association of Pension Funds and the Association of British Insurers back its pay policy, adding: 'That speaks for itself.'